Rahul Agarwal on Shark Tank US: Indian entrepreneur gets Rs 3.3 crore deal
Listen 00:00 0.5x 0.75x 1x 1.25x 1.5x 2x AI Narration This audio is AI generated.
Check Out | Jailer 2 Box Office Collection Day 5 Updates: Rajinikanth’s actioner crosses Rs 250 cr mark in India
Revealing that Polygons has had lifetime sales of $4 million (Rs 37.92 crore), Rahul disclosed that $1.25 million (Rs 11.85 crore) came in just last year. He further explained that the only issue the brand currently faces is that he cannot produce the product quickly enough, as each piece follows a specific and intricate design.
“Polygons are flat, three-in-one measuring spoons, and they measure anything: solids, liquids, sugar, spice, and everything nice. They’re leak-proof and lab-grade precise. You can also use one to level the other. But here’s the best part of this device: one wipe, and it’s clean. You don’t have to do that twice,” he said.
Breaking down the math, Rahul told the sharks that it costs him about $7.50 (Rs 711) to make a set of two Polygons, and he sells them for $25 to $29 (Rs 2,370 to Rs 2,749), depending on the season and demand. He added that they sell predominantly through Amazon, TikTok Shop, and their own website.
Must Read | Mika Singh defends Daler Mehndi amid performing ‘drunk’ allegation: ‘Will quit singing’
When businessman-investor Robert Herjavec asked him how much profit he made from the $1.25 million (Rs 11.85 crore) in sales Polygons made last year, Rahul revealed, “We made around $210k (Rs 1.99 crore), out of which we spent $40k (Rs 37.92 lakh) reinvesting into trade shows and other expenses. So we were left with around $175k (Rs 1.65 crore).” He further added that he takes a basic salary of around $500 (Rs 47,407) per month at the moment.
While Kevin O’Leary offered him $350k (Rs 3.3 crore INR) for a 15 per cent stake in Polygons, Robert opted out, noting, “I think you have to educate people on it. It’s a high-end design product. There’ll be a market for it, but you’re going to compete with something that costs a dollar, so it’s not for me.”
Meanwhile, television personality and entrepreneur Lori Greiner joined forces with Mindy to offer $350k for a 10 per cent stake. Fashion designer Kendra Scott told Rahul, “I can’t beat that offer,” but added, “This is one of the best-designed products I have ever seen in Shark Tank history.”
Kevin then revised his offer and extended $350k for a 10 per cent stake, matching Mindy and Lori. When Rahul asked if the sharks could offer $350k (Rs 3.3 crore INR) for an 8 per cent stake, plus an additional 2 per cent in advisory shares, Mindy and Lori agreed and signed the deal. The company is now roughly valued at $4.37 million (Rs 41 crore INR).
Rahul revealed that he moved to the US just two months ago but had been working on his design for quite some time now.
Click here to follow Screen Digital on YouTube and stay updated with the latest from the world of cinema.
Original Source
This content was distilled for a focused reading experience. All rights belong to The Indian Express.
Read original publication